Friends and partners in the private sector; fellow workers in the government; my previous Chief of Staff, Atty. Roel Refran; ladies and gentlemen: a pleasant evening to all of you.

Before anything else, I would like to thank the Philippine Stock Exchange for its support and vote of confidence for my appointment as Secretary of Finance. This means a lot to someone who has stepped into one of the most challenging jobs in government.

I commend the PSE for serving as the engine financing the growth of our productive enterprises. This not only creates jobs but fuels our economic progress.

It is encouraging to observe the stability of the PSE index since the start of the Marcos, Jr. administration, underscoring the market’s resilience under current conditions.

I also laud the PSE for its proactive capital-raising activities, as evidenced by its efforts to double the number of initial public offerings this year alongside introducing innovations. These include short selling, volume-weighted average price trading, and upcoming derivatives.

To date, the PSE has also successfully encouraged ten small companies to join the stock market.

All these underscore the remarkable progress our stock exchange has made in democratizing wealth. It is not only benefitting large companies but is making it possible for all Filipinos to become investors, actively contributing to capital aggregation.

Wider public access to investment opportunities and a broad-based financial system are key conditions for achieving inclusive growth.

With the help of the PSE, I look forward to building the Philippine capital market into a platform where more small companies and wage earners become shareholders. That will be a measure of how much we have dispersed our economic activities and how inclusive our growth has been.

On the part of the Department of Finance, I assure you of our strong commitment to implementing capital market reforms that enhance investor protection, corporate governance, shareholder centrality, and broader investor participation.

We will ensure a swift and efficient approval process at the Securities and Exchange Commission on public listings to further encourage the growth of enterprises.

We are simplifying the tax structure on passive income, financial products, and its transactions to promote more attractive and dependable investment products.

We will push for the passage of the Capital Market Efficiency Promotion Act and the Capital Market Development Act. We will also continue reforms to public and private pensions to encourage savings, lower the cost of credit and capital, and channel them into the most productive uses for our economy.

We are exploring the amendments to the charters of the Land Bank of the Philippines and the Development Bank of the Philippines, including their possible public listing, to broaden the local capital market.

Additionally, we will continue to foster a stronger economy that provides favorable conditions for investment.

No modern economy can grow to accommodate all of its citizens if the capital market is backward. Together with the PSE, let us push for the full digitalization of our processes across the board to modernize systems and introduce more innovations to expand market capitalization.

Remember that an efficient, transparent, and accountable capital market will not only capitalize corporations, it will also help us build a stronger middle class. All our efforts towards modernizing the capital market will lead to better distribution of the nation’s wealth and reduced inequality.

With this, I look forward to closely working with the PSE in transforming the Philippine capital market as a means for every business and every Filipino to be shareholders in the country’s growth.

Thank you again for hosting this reception and I hope everyone enjoys the rest of the night.